Bumi Armada Bhd (Bumi Armada) recorded a net profit of RM80.03 million for the second quarter ended June 30, 2025, compared to RM265.96 million in the same period last year.
In a filing to Bursa Malaysia, the company stated that revenue fell to RM407.12 million from RM578.86 million previously.
For the first half ended June 30, 2025, Bumi Armada recorded a profit of RM262.80 million from RM881.09 million a year ago, while revenue fell to RM881.09 million from RM1.21 billion.
Operating revenue declined due to lower revenue from the Armada Kraken Floating Production, Storage and Offloading (FPSO) unit following the commencement of the annual option contract in April 2025 with lower lease rates.
The company also recorded a strong net cash flow of RM373 million from operating activities in the second quarter of 2025, reflecting its continued ability to generate cash.
Bumi Armada CEO Gary Christenson said the results demonstrated the company's ability to continue to generate strong cash flow from its existing fleet, despite the reduced option lease rates for the Kraken Armada.
